Friday, December 08, 2017
Mania
The greater fools are bidding up the price of Bitcoin by the hour. It is not going to stay that high and might even be breaking as I write. Some are going to get hurt badly, but that is the outcome of all mania. The Dutch Tulip Bulb bubble ruined thousands of investors. Bitcoin is no different and wise Wall Streeters have been counseling people to stay away. Yet, many are not. They see instant riches and they crave wealth. it is crowd psychology and there is no communication other than supportive that the audience will listen to now. Criticism is rejected out of hand. Anyone who isn't on board with the mania doesn't understand or is a hidebound conservative. When the price fever does break, and "I told you so" is ringing in their ears, they still won't listen but will go on to the next surefire way to riches. Some people are gamblers always on the hunt for the next big thing. They rarely win.
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